Marketing (1).txt

• Analysis
• Marketing Strategy
• Marketing Mix
• Customer Relationship Management

• Understand Value - 5 C's
• Customers
• Company
• Competitors
• Collaborators
• Context

• Create Value - Segmenting
• Targeting
• Positioning

• Capture Value - 4 P's
• Product
• Place
• Promotion
• Price

• Sustain Value
• Customer Acquisition
• Customer Retention

• Production Orientation
• Sales Orientation
• Marketing Orientation (Consumer: find customer needs/marketing: satisfy needs)
• Relationship Orientation
• Sustainable Orientation

• Physiological
• Safety
• Love/belonging
• Esteem
• Self-actualization

• Performance > expectations = delight
• performance < expecations = disatisfaction
• expectation = performance = satisfaction
• Behavior (what people do, repeat purchase vs. attitude (what people dream about, how do you feel?)

• new customer
• regular purchaser
• loyal supporter
• advocate

using an existing product for something new (e.g. Breathe right strips, athletes to snoring)

New product destroys current customers

• Problem
• search
• Evaluation of Alternatives
• Purchase Decision
• Purchase Act
• Postpurchase Evaluation

• External Search
• internal Seach

• Consideration Set (max seven products to consider, eliminate alternatives)
• Heuristics: stereotyping, using mental shortcuts
• Fishbein's Multi-Attribute Model

• Culture: subculture, Acculturation
• Social influences: asch Phenomenon, reference groups, opinion leaders
• Family influences: household roles (autonomic role-independent, husband or wife dominant role, syncratic role-joint)

• Subliminal
• Supraliminal
• conscious (system 2-first time vs system 1 processing-practiced)

• Selective Exposure
• Selective attention
• Comprehension
• Elaboration
• Retention

• Projection Bias
• Hindsight Bias
• Overweight probability of low frequency events
• Hot/cold empathy bias
• overconfidence

• middle option
• balance

Too many options will result in no purchase

• Reciprocation
• Commitment and Consistency
• Social Proof
• Liking
• Authority
• Scarcity

• Define the Problem
• Exploratory research
• Formulate a hypothesis
• create a research design
• Collect data
• Interpret and present research data

• secondary data (government, private, online sources)
• Primary Data (observation, interpretative research, experimental method, survey)

• cost
• time
• what would I do without this information? does it matter, use an assumption?
• what if my assumption is wrong?

A causes B, A and B occur simultaneously

• What questions to ask
• Ordering (don't prime the questions, demographic information at the end)
• wording

• Symantec scale (1-7 good to bad)
• Likert Scale: strongly disagree, disagree, neutral, agree, strongly agree

Between subjects design- one group sees one stimuli and another group sees anotherWithin Subjects design- receive all treatments. Disadvantage: May be alerted to the hypothesis and that may change their response. You may want to use Within subject design when: learning studies over time- as they learn over time you want them to have the same stimuli over time

• Stand for something
• stand for something different
• stand for something different that's important

• EXAMPLE: To (target segment and need) our (brand) is (concept) that (point-of-difference)
• Positioning must be constantly monitored and adapted
• You must deliver on your positioning statement

• A key to positioning a product effectively is the perceptions of consumers.  In determining a brand’s position and the preferences of consumers, companies obtain three types of data from consumers:
• Evaluations of the important attributes for a product class.
• Judgments of how similar the products are to one another.
• Ratings of  how much each person knows about the products
• From these data, it is possible to develop a perceptual map, a means of displaying via two dimensions the location products or brands occupy in the minds of consumers.

• 1. Geographic - cut up market based on where people are (easiest to get, least helpful)
• 2. Demographic - cut up market based on age, gender, religion, etc. (easy to get, not helpful)
• 3. Psychographic - based on values of people
• 4. Behavioral/Product related - based on benefits people seek when they buy a product, or usage rates, or brand loyalty. (most helpful, toughest to do)

• Suggestive (of benefits)
• Simple (easy to say and remember)
• Distinct
• Extendable
• Translatable (into other languages)
• Defensible (legal protection)

• as income smaller % of expenditures go to food
• % spent on housing, household operations, and clothing remains constant
• % spent on other items increases (recreation, education, etc.)

• Strivers - professional and material goals
• Devouts - duty and tradition
• Altruists - social issues, societal well-being
• Intimates - family and personal relationships
• Fun seekers - enjoyment, pleasurable experiences
• Creatives - education, technology, knowledge

• Develop a relevant profile for each segment
• Forecast market potential
• Forecast probable market share
• Select specific segments

• Undifferentiated marketing - one product, all customers (mass marketing
• differentiated markets - several products to satisfy smaller segments
• concentrated marketing - niche marketing, single market segment focus
• micromarketing - very narrow, basic levels (zip code, specific occupation, lifestyle)

• intangible
• inseparable from providers
• perishable
• cannot easily standardize
• buyers play important role in creation/distribution
• wide variation in standards

• unsought products - dont know they need it (LT care insurance)
• Convenience products - for frequent, immediate, minimal effort (i.e. impulse purchases, staple products, emergency products)
• Shopping products - purchased after comparing competitors
• Specialty products - products with unique characteristics

• Installations (major capital investment--airplane)
• Accessory equipment (capital items that don't cost as much, don't last as long--computers)
• Component Parts and Materials
• Raw materials
• supplies (MRO, maintenence, repair, operating)
• Business services

• TQM - total quality management
• Benchmarking (identify, compare, implement)

• 5 quality variables:
• tangibles - physical evidence
• reliability
• responsiveness
• assurances - confidence communicated
• empathy - provider understands customers

series of related products offered by one company

• Company's assortment of product lines and individual product offerings
• WIDTH: # of product lines offered (nutritionals, oral care)
• LENGTH: # of different products a firm sells (band-aid, tylenol)
• DEPTH: variations in each product (sizes)

adds individual offerings that appeal to different market segments while remaining closely related to the existing product line

• Indrocutions
• Growth
• maturity
• decline

• Increase frequency of use
• Increase # of users
• Finding new uses
• change package size, labels, or quality

• Brand recognition
• Brand preference
• Brand Insistence

• generic products
• Manufactures brand
• private brand/label
• captive brand
• family brand
• individual brand

• 4 dimensions of brand personality
• differentiation - different from others
• relevance - appropriateness to a big consumer segment
• esteem - perceived quality and growing/declining popularity
• knowledge - extent of customer awareness

consisting of letters, #'s, words that can be spoken

symbol or pictoral design to represent brand

Brand for which the owner claims exclusive legal protection

visual cues used in branding to create an overall look (red/gold + golden arches)

• protection against damage
• assistance in marketing (capture attention, add convenience, re-use)
• cost-effectiveness

stages consumers go through in learning about a new product, trying it, and deciding whether to purchage again

• awareness
• interest
• evaluation
• tiral
• adoption/rejection

people who purchase new products almost as soon as the products reach the market

process by which new goods are accepted

consumer innovators --> early adapters --> majority --> laggards

• relative advantage - superior innovation
• compatibility - consistent with values of adopters
• complexity
• possiblity of trial use
• observability

• idea generation
• screening
• business analysis - potential market, growth, competition, concept testing
• development
• test marketing
• commercialization

• Products
• Athletes
• Marketing

• TV
• PR
• Retail
• Events
• Digital

• Owned - Most control, cost efficient, least credible
• Paid - most expensive, media catalyst (direct to owned)
• Earned - least controlled, more targeted, most credible

Toll house chocolate chips to "swirled" chips with PB

Brownies with toll house chips

using other brands to build your brand image

combining brands e.g. starwars legos

tell consumers that your product is effective and they will use less (dead bug = less consumption, live bug = more consumption)